Soybean production will be hurt this year by a drought that has gripped part of the Midwest, a new U.S. Department of Agriculture report shows.

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U.S. farmers are expected to have a record corn harvest this year but soybean production will be hurt from a drought that has gripped part of the Midwest, a new U.S. Department of Agriculture report shows.

In Iowa, corn yields were reduced one bushel to 162 bushels per acre from USDA's August report, and soybean production was cut three bushels per acre to 43 over the month.

Iowa soybean production this year is expected to fall 2 percent to about 405.5 million bushels and corn production is expected to grow about 16.5 percent to 2.187 billion bushels. ...